March 31, 2011 – Australia recently was hit with an unpredicted catastrophe. It brought about devastation to the land. It specifically hit Queensland. The place was washed out with flood. Everything was covered with water. It left people crying out for survival. Some people lived, some people died, some people lost. Due to this unforseen disaster, the people are left with nothing else but themselves. Some people are in desperate need of assistance whatever way it is. It is but important for people to be able to claim their insurance so as to have something to help them stand through the downfall.
Thus, it is such good news that insurance claims worth $3 billion have been recently approved for release and to be given to flood and cyclone victims in Queensland. The said catastrophe ruined 56,000 homes.
With the money released, it is to be allotted to the 109,390 people who claimed their insurance according the Insurance Council of Australia (ICA).
According to spokeswoman Sandra Van Dijk, she said the insurance claims reached $2.31 billion for 49,400 claims from the Queensland flood while Cyclone Yasi is estimated to release $868 million for 59,990 insurance claims.
As of March 25, 2011, an estimated amount of $625 million of the total had been released to the recipients.
Ms Van Dijk said that it is estimated that an average of $ 15 million per day was released to the affected community.
She added that this is because insurers worked fast in claiming what they deserve and insurance companies are prompt enough in releasing the claims. There was only about three percent of residential property claims that was sadly denied.
Meanwhile, progress is being made for payments to the victims of flood and storms in Victoria which hit the area last January. An estimated value of $86 million was released for 6,609 flood claims and $299 million was intended for 38,984 storm claims.
The Perth bushfire had $35 million to be provided and divided to 410 claims.
